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UAE economy received Dh160bn boost from oil discovery. Know more!!!

Yesterday, the Supreme Petroleum Council declared a record Dh448 billion capital outlay plan for Abu Dhabi National Oil Company for 2021-2025 to allow smart growth.

In keeping with the formidable plan, the vitality main goals to drive over Dh160 billion again into UAE financial system between 2021-2025, mentioned the SPC after a gathering chaired by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the SPC.

Al Jaber said during the assembly, “Today’s announcement by the SPC of the discovery of recoverable unconventional oil resources demonstrates how Adnoc is efficiently expediting the exploration and development of Abu Dhabi’s unconventional resources and marks a major milestone as the nation’s unconventional industry evolves. Importantly, the increase in the UAE’s conventional oil reserves sends a strong signal that Adnoc is leaving no stone unturned in unlocking value from our abundant hydrocarbon resources to ensure the UAE remains a long-term and reliable energy provider to the world for decades to come.”

The minister marked that in spite of the challenging market conditions, Adnoc gave Dh62 billion in foreign direct investment to the UAE this year, taking the total FDI Adnoc has driven since 2017 to Dh237 billion.

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